How do you make money?

Related products: Dashboards
  • 7 April 2021

This isn't a personal question I promise!
 
It's about your product, your solution, your offering. This is often the first question I ask anyone trying to figure out their analytics strategy and take the first step to unlocking their Mixpanel data. The truth is that your approach to Mixpanel should complement your business model and revenue models.
 
We kinda designed it that way. 
 
So, without me getting too nosey I want to ask you that question and offer some food for thought across the most common models I find:
 
Freemium Folks
Are you tracking time to convert in funnels? Are you tracking daily signups alongside upgrades? Are you tracking any churn-intent events (e.g. the button before the actual cancellation) Do you know if your conversion rate has increased YoY? Which sources lead to the highest conversion and retention of users respectively? If your trial period is 7 days, what needs to happen in the first 3 to convert the user? Is your CRM connected to Mixpanel to intuitively onboard and send the right message at the right time? Gamification anyone?
 
Marketplace Moguls
Which sources lead to highest retention? If you have different payment plans how are they impacting transactions? Assuming your captive audience is a huge asset in the model, how is that going and growing, are you tracking the most engaged with a cohort? What about the consumers, are they returning to the same vendors or solutions? Who are the top vendors and have you connected a cohort of them to Facebook/Google ads to find more? What level of engagement is ideal, daily, weekly, monthly?
 
Content Curators 
How many people are pressing play and pressing pay? What's the drop off from starting to consume this content? Is your curation a shot in the dark or are you tracking what's most popular and giving people more of what they seem to want? Do you have everyday consumers or is it seasonal, holiday spike? Weekend spike? Current-events-related spike? Have you annotated these events in your insights reports? What happens after the first instance is complete?
 
Productivity pain busters
If applicable do you have dashboards for your B2C and B2B offerings? Are you analysing users individually and at the account level? Do you know how much time it takes for the to start and finish one instance of your solution? How does that compare to the old-way they did things? Have you told the customer this time-saving? Where are your early adopters and what do they have in common? If you offer POC/Trial periods what does success look like? Are they getting stuck after sign-up?
 
Connection catalysts
The community is the core offering, who are they and where did they come from? If there's a tagging/sorting feature which of those are most popular? Do you have a data-informed definition of a power user and dormant user? Are those cohorts shrinking? Who are the super-connectors and what do they do? What needs to happen in the first 30 days to retain a user? Which features are most popular? Did the latest feature make a difference to engagement? What is engagement anyway, daily, weekly, once a week for 6 weeks on unique weeks?
 
I could go on but I figure this email is long enough! At 10am (GMT) on Wednesday 26th May we will dive deeper into these models and more, you can join the workshop here and add a comment with the parts you’d love to know more about.
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